Calvin Ayre issues statement on Bitcoin Association’s response to Craig Wright legal action

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This statement is Calvin Ayre’s personal opinion and not anyone else’s.

I know this may be difficult for some people to accept, but Craig Wright is neither god nor does he have godlike control over the Bitcoin Association.

Last Friday (February 26), the Switzerland-based Bitcoin Association issued a statement in response to last week’s “Letter before Action” issued by lawyers acting on behalf of Tulip Trading Ltd. by Dr. Craig S. Wright acted. The notices were sent to a number by Bitcoin developers including those who represent the BTC, BCH, BCH ABC and BSV protocols.

In the letters, these developers were advised that Craig was seeking legal action after the theft of encrypted private keys from two addresses containing billions of dollars worth of BTC. Craig’s actions are designed to establish the legal obligations of these developers by asking them to support Craig’s efforts to regain access to and control of the stolen BTC.

The WHO

Some observers have questioned why Craig included the Bitcoin Association in this action as it plays the role of the global body overseeing the Bitcoin SV (BSV) protocol designed and supported by Craig. There seems to be some confusion about Craig’s relationship with the Bitcoin Association, so allow me to purge these waters.

The association plays no part in Craig’s legal action, but the association’s February 26 statement expresses its support for his efforts to force network developers to help crime victims recover stolen property.

The association similarly shares Craig’s desire to reintroduce software solutions that he included in Bitcoin’s original code, but that were later removed during Craig’s temporary retirement from the scene in the years immediately following Bitcoin’s release. The association sees this as an essential step in building confidence in the technology behind Bitcoin and ensuring wider adoption of its use as a peer-to-peer rule of law e-cash system. The association plans to comply with all relevant legal areas in this and all matters.

The how

There are some prominent Chicken Littles with obvious vested interests who claim that Craig’s legal action does just the opposite, undermining trust by asking network administrators to effectively reset the blockchain, thereby undoing months of transactions that were recorded in blocks that BTC has been mined since Craig’s theft in February 2020.

However, such claims ignore the fact that Craig constructed the Bitcoin code as a three entry accounting system. All that is technically required is one transaction to return the stolen coins to their rightful owner, while a second transaction would “burn” the existing ledger entry. In the meantime, the blockchain would ensure that evidence of the crime is kept public.

Bitcoin’s various forks (like BTC and BCH) removed this functionality from their code, but it would be pretty easy for miners to put these tools back in. This would help anchor Bitcoin as a lawful technology and remove the threat of future legal action that is undoubtedly at work by other digital theft victims.

The why

The fact that Craig was forced to take this seemingly drastic legal move only reinforces the idea behind the creation of the Bitcoin Association – the belief that creating a professional global ecosystem requires a focal point to ensure that technology is within legal Parameter works.

We chose Zug as the headquarters of the association, partly because of my personal history with Switzerland, where I have had an operational base for years to support the management of my various business interests. But we also took into account Switzerland’s strict regulatory climate, which has earned the country a reputation as a desirable jurisdiction for legally compliant global operations.

Much of the digital currency industry has also chosen Switzerland as its home base due to the familiarity and acceptance of Bitcoin by local regulators. This makes them the perfect home for the association that represents the original Bitcoin protocol.

I was one of the founders of the Bitcoin Association and am currently a member of the Executive Committee. The association also includes a number of influential figures from the BSV community, including Chairman Stefan Matthews and President Jimmy Nguyen.

The association will welcome its second independent director later this year to reinforce its commitment to transparency and compliance, as well as an additional industry metric to ensure that a variety of views are fed into our decision-making process.

But although Craig is the real figure behind the pseudonym Satoshi Nakamoto, who is credited with inventing Bitcoin in 2008, Craig is not part of the association, a decision that should show from day one that no individual controls BSV.

Part of Craig’s vision to restore Bitcoin to its original design was to lock down the BSV protocol to give developers and companies the confidence to proceed with their plans, knowing that their work will not be sabotaged by decisions, who were met through self-employment without their consultation. appointed network demigods.

If you want a realistic example of why this is necessary, consider everything that was built up after its widespread introduction on the internet in the mid-1990s. All of this would not have been possible without the certainty that the digital foundation on which companies evolved would not suddenly shift under their feet.

Craig’s decision to lock down BSV’s log was also designed to ensure that no individual – including yourself – can exercise control of the network. Craig stated that if you can’t change the protocol, the protocol doesn’t have a “god”. The technology is then all about the best companies developing the best products, exactly what Bitcoin promised and what BSV delivered.

So don’t think that the hype of those bringing Craig’s legal action is meant to achieve undeniable dominance over Bitcoin. He himself made sure that that could never happen. All he wants is the technology he invented to fulfill its destiny as a lawful global payment and data storage system.

I mentioned in a previous article that the “Wild West” phase of digital currency is quickly coming to an end, similar to the original Wild West period. Today we may think of the rough and ready characters from those frontier days as colorful villains, but no one wants to return to a society where individuals could shoot each other after a lost hand of poker or rustle another man’s cattle without fear of legal retribution.

Bottom Line: All societies are built on laws, and if the digital currency sector believes this is an exception to that rule, it will soon be relegated to the pages of history alongside Jesse James, Billy the Kid and the Hole in the Wall gang, none of which, if you remember, died of old age.

The Bitcoin Association decided to wear a white hat in this drama. This is just one of the reasons – along with its unparalleled scalability and extremely low transaction fees – why BSV’s long-term future looks far better than that of its legally conflicted competitors.

New to Bitcoin? Read CoinGeek’s Bitcoin For Beginners section, the ultimate resource guide, to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.